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Trump strips US Fed of emergency credit powers in latest scorched-earth move

Ambrose Evans-Pritchard  |  November 20, 2020

By Ambrose Evans-Pritchard, includes “The Trump Administration is to shut down the emergency lending powers of the US Federal Reserve, taking extraordinary action to block reserve funds for the incoming Biden Treasury and prevent a Democrat bail-out of state and local governments. … The US Treasury Secretary, Steve Mnuchin, has told the Fed that he will not roll over five of its nine Great Depression powers under the Article 13 (3) of the Federal Reserve Act. There will be a suspension of its lending facilities for companies, local governments, and ‘Main Street’ loans at the end of the year.”

Read the full article on: Yahoo Finance

 
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